Korean SMEs’ exports to Vietnam soar in 2017

Seoul (VNA) – Small- and medium-sized enterprises (SMEs) of the Republic of
Korea (RoK) exported 12.6 billion USD worth of goods to Vietnam in 2017, up
33.4 percent over the previous year, reported the Korea Small Business
Institute (KOSBI).

Vietnam
was the second largest overseas market for Korean SMEs, only after China. Main
export products to Vietnam were wireless telecommunications equipment, knitted
textiles and plastics.

KOSBI,
which works to facilitate the sustainable development of SMEs, said Vietnam is
an attractive market with a population of more than 90 million people and
annual economic growth of 6-7 percent.

The
institute added that Vietnamese consumers have favourable impressions of
products from the RoK because of the popularity of “Korean Wave” and the strong
presence of companies like LG, Samsung and Hyundai Motor.

KOSBI
said that for SMEs to expand their presence in the country and the rest of
Southeast Asia, it is advisable to make full use of Vietnam's special economic
zones.

In
addition, SMEs should also follow a so-called multi-product, small-sized
production strategy when selling consumer goods in the country.-VNA